Loan amount
$72,500
Loan type
Purchase {Fix&Flip}
After Repair Value
$225,000 {PP:$68,000}
ARV
32% {ARV}
Property type
Single Family
Borrower Details
Credit score
580
Deal experience
4 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Forest City
State
North Carolina
Loan Details
Purchase price
$68,000
Down payment
$1,500
Cost of improvements
$6,000
Estimated property value after repairs
$225,000
Additional Loan Information
The home is almost complete. I was set to close with a customer for 160,000.00 . Their home did not sell due to mold underneath the house. It is very unfortunate. The home i am selling has 2 full bath and 4 bedrooms total. 2 upstairs with a full completely renovated bathroom and two bedrooms downstairs in finished basement, with full bath completely renovated. The home sits on .83 acres and has a natural spring on property. It is a perfect vacation home for someone or a great rental opportunity, for a air bnb or weekly rental. The home sits about 2.5 miles from the base of the Great Smoky Mountains. This is a good situation for both lender and borrower. This town, Forest City, NC has sellers market. The location of this house is in the Downtown Section. The houses that go up for sale are sold within a few weeks. There are currently no other houses within the neighborhood for sale. There was two others a block away that were purchased within 3 weeks of listing their home both homes sold low 300k. I could ask for 300k and get it for their house. I want to fix and flip. I'm not a price negotiator. I set my price and that's all there is. The buyer still has room to make a profit if they want to just buy and flip from me. If we can work out a loan for this purchase , it will be a smooth process. I have already submitted 3400 earnest money and this deal is ready to go. Thank you. Jamie Boris
Status
Created
June 26, 2021 - 12:04am

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